Today, 24th March, 2023, Cytonn Investments hosted members of the Parliamentary Committee on Public Petitions to see a portfolio of 10 real estate projects. The purpose of the visit was to ascertain the investments backing the real estate funds, Cytonn High Yield Solution (CHYS) and Cytonn Project Notes (CPN).
The visit follows a petition filed by Member of Parliament for Alego Usonga, Sam Atandi, in which he requested Parliament to probe the company over the loss of investor funds.
Three investors, Josephine Awuor, Caroline Atieno and Omondi Abonyo, through the MP, had sought the intervention of the Parliament fearing they could lose their money invested.
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Cytonn assured the committee of their deep commitment to ensuring all the projects are monetized as quickly as possible to return value to CHYS / CPN investors.
Additionally, Cytonn requested the committee to assist in improving the regulatory environment to accelerate funding for the President’s Housing Agenda in terms of making it easier for fund managers to form REITS, (Real Estate Investment Trusts) and for investors to invest in REITs.
Speaking at the end of the projects tour, Mr. Nimrod Mbai, the Chair of the Committee confirmed that they had toured all the 9 prime properties as requested by Hon Sam Atandi through the Parliament. The Chair also assured the public that there will be justice for all parties involved.
“We visited 9 prime properties owned by Cytonn High Yield Solutions and we’ve acknowledged that the ownership documents are deposited with the banks as per the court orders. We want to assure the petitioners and investors that Cytonn cannot run away, Cytonn cannot fail to pay them. The properties are intact, the ownership documents are held by the bank, and we are looking to supervise the process as a committee all through to give justice to both the petitioners (investors) and the company,” said Mr. Mbai.
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Additionally, in reference to the incomplete projects, Cytonn assured the investors of their commitment to compete all the projects as soon as possible.
“We are committed to completing these projects in the interest of all our stakeholders such as unit buyers, the investors and the financing partners such as banks,” said Solomon Kimani, the Real Estate Projects Coordinator.
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